On January 18th, the depegging of the stablecoin TrueUSD (TUSD) intensified, with its price dropping to $0.97, according to CoinGecko.
The stablecoin began losing parity with the US dollar on January 15th. Over the past 24 hours, Binance users sold TUSD in exchange for USDT amounting to approximately $301 million, while purchases totaled only $130 million.
Representatives of TUSD stated on X that they conduct audits regularly as part of their “standard operations.”
The team noted that in recent days they observed “community activities related to liquidity mining on Binance Launchpool, which led to short-term arbitrage opportunities.”
Regular attestations are ongoing as part of our standard operations, and any claims suggesting otherwise are incorrect. We have observed recent community mining activities associated with Binance Launchpool, which have led to short-term arbitrage opportunities.
— TrueUSD (@tusdio) January 18, 2024
“This is considered a normal aspect of market dynamics and liquidity adjustments. Additionally, our TUSD redemption channels, involving various banks worldwide, continue to operate smoothly,” the company stated.
Earlier, TrueUSD announced a partnership with the accounting firm MooreHK for attestations.
In October 2023, the real estate-backed stablecoin Real USD (USDR) lost its peg, dropping in price by 50%. Prior to the depegging, the coin’s market capitalization was around $45 million.
Later, Moody’s recorded 609 depeggings of major stablecoins over the past year. In total, from January to September, there were 1914 “depegs.”